The report covers forecast and analysis for the inertial navigation system market on a global and regional level. The study provides historical data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints for the inertial navigation system market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the inertial navigation system market on a global level.
As per the report, the global demand for inertial navigation system market was valued at approximately USD 10.08 billion in 2018 and is expected to generate revenue of around USD 14.33 billion by end of 2025, growing at a CAGR of around 5.15 % between 2019 and 2025.
The inertial navigation system market is estimated to grow substantially due to the growing rate of application of the system in the naval, defense, space, and commercial vehicles sectors. Moreover, the pinpoint position sensors enable precision in exploration propelling the demand for the inertial navigation system market. Furthermore, the surge in advancements in space research is expected to the elevated use of launch vehicles thus anticipating to bring significant growth in the market.
The anticipated demand for inertial navigation system market is driven due to the increased satellite launches globally. However, the complexities in the operations of the inertial navigation system are expected to restrain the growth of the target market in the anticipated period. The huge surge in the demand for unmanned vehicles can provide vast opportunities to the inertial navigation system market.
Inertial navigation system market is segmented into various categories based on type, application, and region. Mechanical gyro, MEMS, fiber optics gyro, and ring laser gyro constitute the type segment of inertial navigation system market. The MEMS segment is on the peak owing to the advancements in technology.
On the basis of application, the inertial navigation system market is divided into space launch vehicles, unmanned ground vehicles, missiles, unmanned aerial vehicles, aircraft, military armored vehicles, marine, and unmanned marine vehicles. The growing demand for unmanned vehicles in the North American region has anticipated the growth of unmanned vehicle segment substantially.
On the basis of geography, the inertial navigation system market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The demand for the inertial navigation system in the Asia Pacific is driven due to the vast geopolitical influence in the region. Moreover, the demand for the target market is also growing owing to the economic advancements. Furthermore, Asia Pacific is expected to witness growth due to the high defense budgets of the government in the growing economies of the region.
North America will show significant signs of growth for inertial navigation system market owing to increased traffic in the passenger aircraft sector. Also, with favorable regulations regarding inertial navigation system in the region, the demand for the target market will rise. Moreover, the huge investment in warships and naval sectors over the forecast period is expected to drive the growth of the inertial navigation system market.
The major market players for inertial navigation system market are Safran, Thales Group, ETLG Aerosystems, Systron Donner Inertial, Honeywell International, TASC Gmbh, KVH Industries, Northrop Grumman, VectorNav, and Teledyne.
The report segments of inertial navigation system market are as follows:
Inertial Navigation System Market: By Type
- Mechanical gyro
- Fiber optics gyro
- Ring laser gyro
Inertial Navigation System Market: By Application
- Space launch vehicles
- Unmanned ground vehicles
- Unmanned aerial vehicles
- Military armored vehicles
- Unmanned marine vehicles
Inertial Navigation System Market: Regions Covered
- North America
- The U.S.
- Asia Pacific
- Latin America
- Middle East and Africa